Shortage suits Land
PROPERTY developer Land Securities is eyeing more London office projects to meet a space shortage as it enjoyed higher profits.
Land Securities said markets were recovering and growth prospects in central London offices in the next few years, where it expects rents to rise fastest, were particularly strong.
Projects include the £500million, 37-storey Walkie Talkie tower at 20 Fenchurch Street, a joint venture with Canary Wharf Group.
It is also making progress on developments outside London such as the Trinity Leeds shopping complex. The company, whose profit rose 14.8 per cent to £1.23billion, is due to complete several projects in the next two years which it says will address an expected shortage of office space.
We think those buildings will do well in a tight market
Chief executive Francis Salway said: “We think those buildings will do well in a tight market.”
Land Securities recommended lifting its final dividend to 7.2p from 7p a year earlier. The value of the landlord and developer’s portfolio increased by £908.8million to £10.6billion. It also said rental values rose 4.7 per cent across its total like-for-like portfolio since March 2010.